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Honestly I’m not sure just how long Wyndham will survive in its current form. They just drew down on a $1B line of credit - yet they only have about 1.2B in cash and cash equivalents after doing so. Q1 is generally their weakest revenue quarter and their most costly expense quarter especially given the dividend payouts (which just increased 11% this year) that must occur before end of March. The CEO and execs have already announced either complete or significant pay cuts. I figure layoffs are coming next soon after. They have enough cash to last for perhaps six months at most given their cash burn and current leverage of 2.7x.
I hope I’m wrong of course - but am not encouraged from what I’ve learned so far in looking at their financial numbers. They will also have to pay back that credit line at some point of course. Tough times ahead for anyone in the timeshare and hotel sectors for sure.